CAPITAL GAIN TAX 21-22

Save Share

This query is : Resolved

Quick Summary

This discussion addresses how to calculate Capital Gains Tax for the financial year 21-22 when selling a property. It clarifies that land purchased in 2013 is a long-term asset, making any gain or loss on its sale a Long-Term Capital Gain/Loss. However, the cost of improvements made within the last two years will be treated as a Short-Term Capital Gain.

pradip jain

pradip jain (Querist)
Follow

30 January 2022 I HAVE PURCHASED LAND ON 24.01.2013. I HAVE CONSTRUCTED ON THE SAME LAND IN F Y 18-19, 19-20 & 20-21. SAME BUILDING SOLD IN F Y 21-22. NOW I REQUEST YOU TO KINDLY SUGGEST HOW TO CALCULATE TAX SUCH AS SHORT TERM CAPITAL GAIN OR LONG TERM CAPITAL GAIN.

c.bakshi

c.bakshi (Expert)
Follow

30 January 2022 as the land is purchased as on 2012-13, the same can be treated as long term Capital Asset and any gain or loss arising out of that transactions is treated as Long Term capital loss/Gain